So you’re selling your house—or at least you’ve managed to convince yourself to list it before the Summer is over. Good call.
While the market is still hot and inventory levels are far from adequate, mortgage rates continue to hover at historic lows, which means buyers everywhere are propping up in hopes of reeling in a comfortable home before winter kicks in.
Still, there are some caveats when going through a regular buyer’s/seller’s market. For example, if your home is a fixer-upper, it might make more sense to consider a cash offer in order to sell the home as-is.
To help you decide, we’re giving you five things to consider before selling your house this Fall.
Five Thing to Consider Before Selling Your Home
- Competitive pricing
To nail this one, have your agent or do some research to find similar homes for sale in your area, or recent sales, also known as “comps” to set a competitive price for your home. Next up, ensure your home gets a fair appraisal in order to lessen the likelihood of buyer financing falling through.
- Decluttering/Staging
Many sellers forget to pay attention to their home’s overall presentation and look when showing it to potential buyers. By freeing up room, you allow the buyer to see and envision himself living within that space without crowding his view with your personal belongings. Take some time to declutter your closets, cabinets, rooms, and rearrange furniture to remove any unnecessary jumble from your home.
- Curb appeal
Your home’s curb appeal refers to the value of its exterior, so when a house has “curb appeal” it generally means that the house is attractive to the eye. Better curb appeal helps you to sell your house faster by impressing potential buyers the moment they set their eyes on your property. Good curb appeal is achieved by giving your home a nice, neutral coat of paint prior to selling, taking care of landscaping, and making small fixes to light fixtures, or doors.
- The right agent
Selling your home can be hard. So hard, that only around 10% of homeowners sell their home without the help of a real estate agent. To help with the process of listing, photographing, and negotiating the sale of your home, find the right sales agent who understands your neighborhood and knows how to negotiate.
- Cherry on top
In slower times, seller’s might want to consider incentives or perks in order to accelerate the sale of their home. In the current market though, it’s a lot less likely. Some common incentives include paying for interest points on behalf of the buyer, paying for part of the closing costs, or even including personal goods in the sale, to name a few.
Mortgage rates—Where are we headed?
In August, home prices were up 18.2% year-over-year, and properties were sold 19 days quicker than last year, according to a recent report on Realtor.
Indeed, the pandemic has created a similar situation across the entire country, but buyer demand continues to soar as more millennials rush to find a home to meet their needs during the WFH boom.
If you’re a buyer thinking of stepping down from your home search until prices go back to normal, now might be a good time to remove items off your credit report and prepare for the impact applying and purchasing a mortgage will have on your credit.
Limited inventory and record-high prices has put a stop on home sales for the first time since the start of the pandemic, but low rates and a spurring millennial class continue to create a strong demand.
Additionally, home refinance activity has gone through the roof since early last year, leaving many homeowners wondering if now’s a good time to refinance their homes.
Cash offer: when it makes sense
From the seller’s perspective, it shouldn’t matter where the money to purchase their home comes from as the result is the same. However, there are real considerations between the two: namely, they’re faster, simpler, and require less paperwork overall.
To give you a better understanding of why a cash offer makes sense, we’ve outlined common reasons why a seller might prefer cash over regular financing.
Here they are:
- Properties in need of repair
- Good candidate for flipping
- Homes at risk of foreclosure
- Profound life changes
Additionally, accepting a cash offer can lead to many other benefits, such as waiving real estate fees, fewer contingencies, and a faster process overall.